Toward the end of trading Thursday, the Dow traded up 0.83 percent to 14,823.01 while the NASDAQ surged 1.29 percent to 3,341.22. The S&P also rose, gaining 0.90 percent to 1,596.70.

Index Technicals:
The S&P 500 rejected its 1,597 highs and headed lower to test its 1,575 support which lies on the 20 EMA support line.

Next up, the Dow rejected its 14,850 resistance and dropped down to test its 14,700 support, which is inline with its 20 EMA support. 14,450 acts as support below that, which is in line with its 50 EMA support.

The NASDAQ is finding new resistance at 3,330, before heading lower to test its 3,300 support/ past resistance. 3,260 will act as support below.

Finally, the Russell failed to breakout over 950 and lost its 930 support. 915 is a support level below that, while it has lost both its 20 EMA and 50 EMA support levels.

Equities Trading DOWN
NII Holdings (NASDAQ: NIHD) fell sharply at the open, bouncing lower throughout the day, and is currently down 9.00 percent to $7.58 after posting a loss after the close Wednesday.

Shares of AU Optronics (NYSE: AUO) were down 9.41 percent to $4.43 after the company announced its plans to sell $350 million of stock.

Eurozone
European shares were mostly higher after better than expected manufacturing data. The European Central Bank cut its main refinancing rate by 25 basis points to 0.50%. The ECB also lowered its interest rate on the marginal lending facility by 50 basis points to 1.00%.

Economics
The US trade deficit declined 11% to $38.3 billion in March. However, economists were expecting trade deficit of $42.0 billion.

US jobless claims dropped 18,000 to 324,000 in the week ended April 27. Economists were estimating claims to increase to 345,000, versus a revised 342,000 in the earlier week. Continuing claims rose 12,000 to 3.02 million in the week ended April 20.

Productivity increased 0.7% in the first quarter. Economists were projecting productivity to rise 0.9%, after a revised 1.7% fall in the fourth quarter. Unit-labor costs surged 0.5% in the first quarter, versus a 4.4% rise in the fourth quarter.

The Bloomberg Consumer Comfort Index rose to -28.90 in the latest week ended April 28, versus a reading of -29.90 in the previous week.